Financial Policies

Mission Possible! Austin. strives to have the best possible system of internal controls and financial accounting. These financial policies are set by the Board of Directors to guide the work of staff and outsourced financial management.

I. Finance Committee

The Board of Directors of Mission Possible! Austin will annually appoint a Finance Committee who works under the Board Treasurer to ensure the appropriate preparation of an annual budget, appropriate handling and distribution of funds, and the appropriate preparation and presentation of regular financial statements. The Finance Committee directs, reviews, and presents the annual audit to the Board of Directors.

II. Approval of plans and commitments before they are implemented

The Board of Directors will set the annual budget, based on Mission Possible! Austin fiscal year (January through December), to direct how funds are spent.  Board approval is necessary in order to spend funds or make financial commitments to projects that have not already been incorporated into the approved budget.

III. Accurate, timely financial reports and information returns

The Finance Committee oversees that Mission Possible! Austin provides accurate, timely financial reports and information returns.  The Finance Committee will review regular financial statements, including a balance sheet, a comparison of actual financial activity to the approved budget, and projected cash flow.  The Office staff will maintain a calendar of report deadlines and will advise the Board of Directors to ensure that all financial reports and information returns have been filed as required.

IV. Compliance with other government regulations

Mission Possible! Austin will comply with all government regulations pertaining to grants
and contracts.  When new funds are awarded from a public entity via a contracting organization,
staff will review the documentation to ensure that Mission Possible! Austin is in compliance with
all regulations of the contracting organization as well.

V. Banking institutions and accounts

In order to minimize risk and maximize benefit, Mission Possible! Austin utilizes only federally insured local banking and savings institutions. The amount on deposit with any one institution may not in the usual course of business exceed the FDIC insured limit of $100,000.